Insurance terms used in the area of residential title insurance. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. The term refers to the fact that the company carries or assumes certain risks for the policyholder. The dictionary of insurance presents words and expressions that are found in common use in the property and casualty insurance industry. The information has been gathered from many sources believed to be reliable, but the. Brokers know the market well, so on your behalf they get the quotes, read the fine print, negotiate deals and explain what it means for you. Insurance terminology north american training group, inc. Glossary of health insurance terms december 12, 2008 experimental or investigational services. Agent the insurance company representative who sells policies on behalf of the insurer.
Consumer glossary national association of insurance. The definitions are based on various insurance references. This term generally includes deductibles, coinsurance, and copayments, or similar charges, but it doesnt. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. We provide quick answers and easytounderstand auto and homeowners definitions. Glossary of life insurance terms department of financial. Car insurance provides protection from losses resulting from owning and operating a car or vehicle. Definitions of health insurance terms in february 2002, the federal governments interdepartmental committee on employmentbased health insurance surveys approved the following set of definitions for use in federal surveys collecting employerbased health insurance. Many of the insurance and risk management terms defined in this glossary are crossreferenced to one or more of irmis reference manuals where additional information on the topic may be found. An agent can be independent agent who represents at least two insurance.
Acquisition costs all expenses directly related to acquiring insurance. Additional health insurance products such as vision or dental insurance that may be added to a medical insurance plan for an additional fee. A guide to dental ppos, hmos and other managed plans, don mayes, revised edition, 2002. The basis of accounting under which revenues are recorded when earned and expenditures are recorded as soon as they result in liabilities for benefits received.
The most comprehensive investing glossary on the web. Binder an oral or written agreement to provide temporary insurance coverage until a form written policy is issued. Dec 27, 2019 our glossary of the most common terms, phrases, and concepts will help you brush up on life insurance definitions in no time. Acknowledgement admitting that someone has a claim or. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Insweb insurance glossary of insurance terms need to know what those insurance words mean. Insurance definitions, dictionary, glossary and terms. An independent agent represents more than one company. Coverage on property left in the care of the insured for storage, repair or servicing.
There are approximately 1,700 terms in this edition and its an invaluable resource for your insurance education and professional development. Use this glossary of insurance definitions to better understand insurance. Our glossary of the most common terms, phrases, and concepts will help you brush up on life insurance definitions in no time. Insurance glossary irmi publication crossreference key. This glossary is intended as a general aid to help you understand some of the commonly occurring phrases and jargon used in the insurance world. Glossary of insurance terms the az for insurance practitioners terms generally associated with reinsurance ab initio a term used to describe avoidance of a contract from its inception or its beginning. Glossary on general insurance terms a to z a policy coverage payment reimbursement of the following expenses visit to the doctor, medical surgeries, medicines and so on.
Thank you for choosing to learn more about residential title insurance. Request by an insured for the insurance company to cover an incurred loss. Life insurance resource center glossary of life insurance terms agent an insurance company representative licensed by the state who solicits and negotiates contracts of insurance, and provides service to the policyholder for the insurer. Definitions provided by insurance bureau of canada are indicated with an asterisk. Definitions of health insurance terms in february 2002, the federal governments interdepartmental committee on employmentbased health insurance surveys approved the following set of definitions for use in federal surveys collecting employerbased health insurance data. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. This is a glossary of shipping terms and marine terminology as it pertains to marine insurance. Also called feeforservice plans, indemnity plans typically allow you to direct your own health care and visit whatever doctors or hospitals you like. Declaration part of a property or liability insurance policy that states the name and address of policyholder, property insured, its location and description, the policy period, premiums, and. There are approximately 1,700 terms in this edition and its an invaluable resource for your insurance. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Liability for damages even though fault or negligence cannot be proven. These definitions provide a brief description of the coverages progressive offers and some of the terms and phrases used in connection with homeowners insurance.
If you have any questions about the use or meaning of a term or expression in any particular product or literature, you should raise them with the provider concerned. Learn insurance industry vocabulary that will help you better understand your insurance policies. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. Glossary of title insurance terms abstract of title the condensed history of the title to a particular parcel of real estate, consisting of a summary of the original grant and all. Having launched it originally in 2004 we have now updated it with. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. Weve curated additional glossaries of insurance terms and definitions to help you better understand the often confusing legal language of insurance. Reinsurance glossary reinsurance glossary compiled by the american council of life insurers reinsurance committee and provided by central security life insurance. Accumulation reinvesting income generated by a fund back into the fund. The crossreference lists the abbreviation for the publication followed by the chapter number and section in which the information may be found.
Health insurance glossary health insurance definitions. The insurance contracts act allows an insurer to avoid. They also may be used in a different context where the definition shown may not be applicable to insurance. Insurance company that actually underwrites and issues the insurance policy. We offer insurance by phone, online and through independent agents. The website of jordan insurance federation jif offers its visitors a new unique service which enables them to identify insurance terms in english and their arabic equivalent, supported by explanations and examples as presented in the dictionary of insurance terms. Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies. Insurance companies that use exclusive or captive agents are called. Coinsurance a form of medical cost sharing in a health insurance plan that requires an insured person to pay a. We provide easy to understand definitions of insurance terms and provide auto, homeowners, life, health, and. Insurance glossary the following list contains words you may see used on the federal benefits programs website. We have covered you for all the az insurance words and their meanings. A term referring to the refund of previously paid prop erty taxes due to the overvaluation of property. An insurance broker is a specialist who works for you to find the most appropriate insurance products to suit your needs.
The language of insurance can be quite complex and confusing. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. An event or occurrence which is unforeseen and unintended. This term generally includes deductibles, coinsurance, and copayments, or similar charges, but it doesnt include premiums, balance billing amounts for nonnetwork providers, or the cost of noncovered services. Below are definitions for some of the more commonly used terms and how. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Also see the health and life insurance glossary, property and casualty insurance glossary, small business insurance glossary and terminologies used in insurance and their meanings.
The information has been gathered from many sources believed to be reliable, but the association assumes no responsibility for the accuracy of the information. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. These definitions represent a common or general insurance andor legal use of the term. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Glossary association of marine underwriters of san francisco. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan or health insurance. Glossary of title insurance terms abstract of title the condensed history of the title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate. Theyre especially useful if you are in the market for a few insurance. Supplemental healthcare services such as laboratory work, xrays or physical therapy that are provided in conjunction with medical or hospital care. Complete glossary of insurance coverage insurance coverage terms acli. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Most of the definitions below are provided courtesy of the insurance institute of canada.
Glossary of insurance terms actuary a professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values. Agent an insurance company representative licensed by the state who solicits and negotiates contracts of insurance, and provides service to the policyholder for the insurer. The current commercial time element coverage forms are. The a to z guide to legal phrases plain english campaign. The dollar limit for how much of a homes value can be used to determine the amount of money you can get from a federally insured home equity. Glossary of dental insurance and dental care terms. Glossary of health insurance terms december 12, 2008 broker a salesperson who has obtained a state license to sell and service con tracts of multiple health plans or insurers, and. Acquisition costs all expenses directly related to acquiring insurance or reinsurance. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business.
Department of health and human services hhs dependent coverage. A provision in an insurance policy that states that the validity of the insurance contract cannot be contested after two or sometimes three years. The share of costs covered by your insurance that you pay out of your own pocket. Life insurance glossary learning about life insurance can be a daunting task, especially if one doesnt know the meaning of the specialized words, of which there are many. Below are some commonly used insurance terms and their meanings. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. Some words and phrases may be defined differently by other individuals or organizations.
Insurance terminology north american training group. Dictionary of insurance terms a absolute liability. A glossary of life insurance and financial terms a glossary of life insurance and financial terms a to b. Bodily injury as defined in many liability policies, any physical injury to a. When youre ready to take the next step, compare quotes for free or talk to a policygenius expert. A professional trained in the mathematics of insurance and risk management, including the. Property and casualty insurance glossary the bottom line we hope this article on property and casualty insurance glossary was informative. Accused the person charged with a criminal offence. Not all concepts or coverages identified in this list are found at chapman university. Glossary of reinsurance terminology term definition accident year experience reinsurance experience calculated by matching the total value of all losses occurring during a 12month period with premiums earned for the same period. The guide is an important resource that will help to create a much greater understanding of.
Represents the interests of the insured in searching for insurance coverage at the lowest. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan or health insurance policy. A form of insurance that protects against losses involving cars. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Insurance glossary understanding common insurance terms. Every industry has its own jargon, and the property and casualty insurance. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Glossary of risk management terms this is a comprehensive list of insurance terms. The hartford s glossary of terms can help you better understand auto and homeowners insurance terminology as you research the right coverage for you. Use this informative property and casualty insurance glossary to better understand basic insurance terms and definitions. Glossary of insurance terms am bests consumer insurance. The term property insurance includes many lines of available insurance. Insurance terms substantial 711 terms 10302016 html insurance glossary.
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